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Leoni AG / Key word(s): Preliminary Results Leoni publishes preliminary results for the 1st quarter 2022. EBIT before exceptional items, EBIT reported, and FCF burdened by inflation, supply chain bottlenecks and effects of the war in Ukraine. 29-Apr-2022 / 19:55 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
Leoni publishes preliminary results for the first quarter of 2022. EBIT before exceptional items, EBIT reported, and free cash flow burdened by inflation, supply chain bottlenecks and effects of the war in Ukraine. Outlook for the financial year 2022 remains unchanged.
Nuremberg, 29 April 2022 - Based on preliminary results of Leoni AG, Nuremberg (ISIN: DE0005408884), sales in the first quarter of 2022 amounted to about EUR 1.26 billion (Q1 2021: EUR 1.35 billion), EBIT before exceptional items(1) of around EUR -17 million (Q1 2021: EUR 29 million), reported EBIT of approximately EUR 75 million (Q1 2021: EUR 51 million) and free cash flow of about EUR 105 million (Q1 2021: EUR -100 million).(2) The outlook for the current financial year given on 14 March 2022 remains unchanged.
Group sales declined by around 7%, mainly driven by the sale of the BG IN business unit. The discontinuation of BG IN had a burdening effect on group's operating result. Furthermore, EBIT before exceptional items was also negatively impacted by significant charges on earnings due to increased raw material, logistics and energy costs, which could not yet be passed on to customers. In addition, there was continued high volatility in customer call-offs due to disruptions in the global supply chains, mainly due to the semiconductor crisis, as well as the consequences of the war in Ukraine. Excluding the cash inflow from the sale of BG IN of EUR 314 million with a free cash flow effect of EUR 278 million, the free cash flow was clearly negative. In addition to seasonal effects and lower earnings, this was due in particular to the further increase in the price of copper, which led to a significant increase in working capital.
The final results of the past first quarter of 2022 will be published as scheduled on 11 May 2022.
(1) This key figure represents adjustment of EBIT for exceptional, non-recurring factors to facilitate better comparability between the periods and interpretation of operating profitability. From the financial year 2022 onwards, exceptional items comprise effects related to refinancing the Group, M&A transactions, restructuring measures as well as special costs in connection with the Ukraine war. Explanations of and reconciliations with key financial figures used can be found in the Annual Report 2021 of Leoni AG, particularly on page 55.
(2) For the first quarter of 2022, the analyst consensus collected by Vara Research GmbH as of 28 April 2022 includes the following figures: sales of EUR 1,260.3 million, EBIT before exceptional items of EUR -8.1 million, reported EBIT of EUR 114 million and free cash flow of EUR -142.8 million.
This announcement contains certain forward-looking statements that are based on the current assumptions and forecasts of Leoni AG's management. Various known and unknown risks, uncertainties and other factors could cause Leoni's actual results, its financial position, growth or performance to differ materially from the estimates presented herein. Leoni assumes no responsibility whatsoever to update such forward-looking statements or to conform them to future events or developments.
LEONI AG Gregor le Claire Corporate Press Officer Phone: +49 911 2023-226 E-mail: gregor.leclaire@leoni.com
Contact for investors / person responsible for this announcement
LEONI AG Rolf Becker Senior Manager Investor Relations Phone: +49 911 2023-134 E-mail: rolf.becker@leoni.com
29-Apr-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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